- Michael Saylor announced that Strategy scooped 168 Bitcoin for $18.8 million to increase its total supply to 640,418 BTC.
- Strategy’s aggressive Bitcoin purchases is fueled by its bullish long-term prediction for BTC, with $1 million per coin in its crosshairs in 2035.
Strategy Raises Treasury to 640,418 BTC
Strategy (formerly MicroStrategy) Executive Chairman Michael Saylor announced on Monday that their company acquired 168 Bitcoin (BTC) fof $18.8 million between October 13 to 19. The purchase came at an average of $112,051 per BTC, as the asset traded between a $103K low and a $12K high on major crypto exchanges.
The business intelligence and mobile software provider notably utilized the proceeds of its Series A perpetual strife (STRF), strike (STRK), and stride (STRD) preferred stocks to fuel its latest Bitcoin buying spree. The latest acquisition increases Strategy’s digital asset treasury to 640,418 BTC, consisting 3.21% of Bitcoin’s circulating supply of around 19.94 million BTC as of writing. This also raises its BTC yield to 26% year-to-date (YTD).
So far, Strategy already invested $47.40 billion, or $74,010 per coin, for its Bitcoin stockpile.
The move comes after Saylor’s customary Sunday cryptic teaser. The last one said, “The most important orange dot is always the next.” This underscore’s Strategy’s commitment to buying Bitcoin, as it regularly looks forward to its next purchase regardless of the prevailing crypto market sentiment.
Strategy and Other Experts’ Bitcoin Projections
Strategy’s aggressive Bitcoin accumulation is grounded on its bullish long-term outlook for the world’s largest crypto asset by market cap, which is now valued at around $2.2 trillion. Saylor has been unwavering in his belief that BTC will eventually strike $1 million per coin. His deadline for that is in 2035 or “when Wall Street is 10% Bitcoin” based on his July interview and social media post.
Other senior executives in traditional finance (TradFi) and crypto sectors have echoed Saylor’s bullish perspective. Ark Invest CEO Cathie Wood shared the same projection, albeit at an earlier deadline at 2030.
Meanwhile, former Binance CEO Changpeng “CZ” Zhao recently claimed Bitcoin will eventually flip gold’s market cap. Currently, the precious metal’s overall valuation sits at roughly $30.355 trillion following a series of all-time highs in the past few weeks.
Along the way, Coinbase CEO Brian Armstrong addressed the common misconception that Bitcoin and Ethereum (ETH) are too expensive for new investors. He pointed out that one does not have to buy a full BTC or ETH to start their investing journey because both allow fractional buying. He highlighted “it’s never too late” to enter the game.
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